Midwest economic confidence falls
Results of the survey in February of supply managers and executives in the Midwest and levels show rock-bottom confidence in the region’s economy.
North Dakota, but continues to benefit from the weak U.S. dollar, according to the report.
The consumer confidence index in the Mid-America survey sales for the month of February was another percentage point to 37.8 from 38.8 in January.
‘This is the lowest consumer confidence index that we have since 2000 or shortly before the recession began in March 2001, “said Economics professor Ernie Goss of Creighton University, monitored the investigation.
“Despite record farm incomes for a large part of the region, energy prices higher and the benefits of national economic slowdown respondents weakened” Economic Outlook “Goss said the investigation released Monday.
The total index for the nine countries in the region decreased 50.0 for the second time in the last four months from 49.5 to 50.6 of weakness in January.
The index ranges between zero and 100, and an index of over 50 terms of growth.
North Dakota’s, the index was highest in nine countries in the region for the third month law, to 73.7, the report said.
“Sharing”, a limit has been an important impetus to the economy of North Dakota in 2007, “said Goss.” The weak U.S. dollar is contributing, Push-North Dakota exports of goods to Canada 1.3 billion dollars.
Goss survey compiles information on the supply of managers and executives in the nine-State Mid-America region. The USA are Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.
The report measure of inflation, traces the cost of raw materials, support and use of substances which rose to 88.8 in February, compared to 79.9 in January and 78.4 in December.
“While Federal Reserve Chairman (Ben) Bernanke has downplayed the likelihood of a combination of inflationary pressures and excesses of negative growth, the probability of such an outcome is much the increase in our investigation,” said Goss.
The Federal Reserve interest rate setting committee meets again on March 18.
“At that time, USA central bank is concerned about the slowing economy than inflation,” said Goss. “Therefore, I expect the Fed to reduce interest rates for short term quarter percent plus one-half percent aggressive. …
“In addition, because of excessive inflationary pressures for 2008, the Fed may not be able to repeat his course of 2001 reductions aggressive,” said Goss.
Other signs of an economic slowdown could be in the investigation of the employment indicator, which remains neutral in growth over 50 months. He met 48.9, 2.1 percentage points higher than January 46, 8 - the lowest reading in more than five years.
Goss said: “I expect that the entire region continue to lose jobs in mid-2008, while several countries due to an increase in the rate of employment at all levels the year 2008 “.
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